Cyber Insurance for Insurance Company & Broker

Who can buy Cyber Insurance for Insurance Company & Broker?

• Cyber insurance can be purchased by a wide range of organizations, including:
• Small and medium-sized businesses that handle sensitive data or rely on computer systems to conduct their operations. This includes companies in industries such as finance, healthcare, and retail.
• Large corporations that have a significant online presence and handle a large volume of customer data.
• Government agencies that collect and store sensitive information, such as social security numbers and tax records.
• Non-profit organizations that handle sensitive data, such as donor information or medical records.
• Educational institutions that collect and store sensitive student data, such as grades and personal information.

Cyber Insurance for Insurance Company & Broker: Inclusions

• Data breach coverage
• Business interruption coverage
• Cyber liability coverage
• Social engineering fraud coverage
• Regulatory fines and penalties coverage
• Cyber extortion coverage
• Crisis management coverage

Cyber Insurance for Insurance Company & Broker: Exclusions

• Cyber policy typically excludes coverage for intentional or criminal acts, such as fraud, embezzlement, or theft committed by an insured employee.
• Cyber security insurance does not cover losses caused by acts of war or terror.
• Cyber policy may not cover losses resulting from the insured's failure to take reasonable cyber security measures to protect their systems and data.
• Cyber policy may not cover losses resulting from cyber incidents that occurred before the policy was purchased.
• Some cyber security insurance policies may not cover losses resulting from business interruption or loss of revenue due to a cyber incident.
• Cyber policy may not cover losses resulting from infringement of intellectual property rights, such as copyright or trademark infringement.
• Cyber policy may exclude coverage for fines and penalties imposed by regulatory agencies for violations of data protection laws.

Claiming Process under Cyber Insurance Policy

• Follow the below steps to file a claim for Cyber Insurance for Insurance Company & Broker:
• The first step is for the insured to notify the insurer of the cyber incident, preferably as soon as possible. The insurer will provide instructions on the next steps.
• The insurer will investigate the incident to assess the damages and losses incurred by the insured. This may involve working with third-party experts, such as forensic investigators or data breach response firms.
• Once the investigation is complete, the insurer will determine whether the policy covers the losses and damages suffered by the insured.
• If the insurer determines that the losses are covered, the insurer will pay out the claim to the insured. The amount of the payout will depend on the policy limits and any deductibles.
• If there are any disputes over the coverage or the amount of the claim, the insurer and the insured will work to resolve them through negotiation or mediation.

FAQs